Market Trends of Cold Pain Therapy Industry
The Sports Medicine Segment Expected to Hold Majority Market Share During the Forecast Period
Sports medicine is a branch of medicine that deals with physical fitness and the treatment and prevention of injuries related to sports and exercise. The segment is expected to grow during the forecast period owing to the high burden of sports injuries worldwide and rising product launches. For instance, in November 2023, the Global Insurance Group published a Men’s European Football Injury Index for the 2022/23 season, which showed an increased severity of ankle (170%), calf/shin (200%), and hamstring injuries (130%) in 2022. This shows the high burden of sports injuries, which is expected to increase the need for sports medicine and boost the segment's growth.
Moreover, the source highlighted that overuse injuries, prevalent in sports, can result in either partial or complete tissue damage or foster a chronic inflammatory setting, manifesting as conditions like plantar fasciitis or ambiguous clinical pain. Consequently, the rising incidence of sports-related soft tissue injuries is projected to drive the utilization of cold pain therapy in sports medicine procedures over the forecast period.
Furthermore, according to an article published in the World Journal of Emergency Medicine in November 2022, a study conducted in China during the Beijing Olympics 2022 showed that an estimated 2,897 athletes from 91 countries experienced sports-related injuries or illnesses. As per the same source, the Olympics medical staff reported 326 injuries and 80 illnesses, equaling 11.3 injuries and 2.8 illnesses per 100 athletes over the 17 days during the Olympics. Altogether, 11% of the athletes incurred at least one significant injury.
Therefore, owing to the high burden of sports injury cases, the segment is expected to grow significantly during the forecast period.
North America is Expected to Hold a Significant Market Share During the Forecast Period
North America is expected to have a significant share in the market owing to the high burden of sports injuries and accidents and advanced cold pain therapy options in the region. For instance, according to the data published by Transport Canada’s National Collision Database (NCDB) in May 2024, the total number of injuries that occurred due to accidents was reported to be 118.8 thousand in 2022 in Canada, including 8,851 serious injuries.
Similarly, according to an article published by the University of Bath in September 2022, there was a high rate of injuries among collision sport participants in Canadian high schools in 2022. According to the same source, the rates of injuries ranged from 12.7 injuries per 100 participants every year in rugby to 33.1 injuries per 100 participants every year in ice hockey. The prevalence rate for injuries to the head was recorded at 33.3%, followed by wrist or hand at 16.0%, shoulder at 12.8%, and knee at 12.0%. Hence, the high burden of accidents and sports injuries is expected to increase the need for cold therapy products, which is likely to drive market growth in the region.
Additionally, the innovative launches and partnerships of market players are expected to propel market growth in the region during the forecast period. For instance, in January 2022, the Rock 'n' Roll Running Series forged a multi-year partnership with Biofreeze, a brand under Reckitt. In this new collaboration, Biofreeze assumes the Official External Pain Relief Partner role for both the series and every Rock 'n' Roll Running event across the United States. Runners can experience the rejuvenating benefits of cooling pain relief at the Biofreeze Recovery Zone within the Rock ‘n’ Roll Finish Line Festival. Hence, the new initiatives by companies are expected to have significant growth in the market.
Therefore, owing to factors such as the high burden of road accidents and sports injuries and rising product launches by market players, the market studied is anticipated to flourish in North America.
